LONDON, Jan 16 (Reuters) - Formula One chief executive Bernie Ecclestone will continue to run the motor racing business despite a forthcoming bribery trial but will face greater control from the company board, Formula One said in a statement on Thursday.

Ecclestone, who denies wrongdoing, will step down as a Formula One director pending the conclusion of a trial scheduled to start in Germany in late April, but will run the business on a day-to-day basis.

"The approval and signing of significant contracts and other material business arrangements shall now be the responsibility of the Chairman, Peter Brabeck-Letmathe, and Deputy Chairman, Donald Mackenzie," the statement added.